The following transactions occurred for PC Inc. during the month of July 2021: Date Transaction Description...

  

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The following transactions occurred for PC Inc. during the month of July 2021: Date Transaction Description PC Inc. assigned $545,900 of its accounts receivable to A&A Company as security for a loan in the amount of $418,000. A&A Company charged 2% of the loan amount as a commission. The loan bears interest at a rate of 9%. PC Inc. collected $300,245 of the assigned accounts. PC Inc. wrote off a $1,600 assigned account as a bad debt. PC Inc. uses the allowance method to account for its receivables. PC Inc. paid A&A Company the amount collected from customers on July 28, plus interest for the month of July on the loan. Required: Prepare journal entries for each of the above transactions for PC Inc. July 1 July 28 July 29 July 31 The following transactions occurred for PC Inc. during the month of July 2021: Date Transaction Description PC Inc. assigned $545,900 of its accounts receivable to A&A Company as security for a loan in the amount of $418,000. A&A Company charged 2% of the loan amount as a commission. The loan bears interest at a rate of 9%. PC Inc. collected $300,245 of the assigned accounts. PC Inc. wrote off a $1,600 assigned account as a bad debt. PC Inc. uses the allowance method to account for its receivables. PC Inc. paid A&A Company the amount collected from customers on July 28, plus interest for the month of July on the loan. Required: Prepare journal entries for each of the above transactions for PC Inc. July 1 July 28 July 29 July 31

Answer rating: 100% (QA)

Date July 1 General Journal Cash Finance Charge Note Payable To Record Loan Against A... View the full answer